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Kevin Carter, European head of investment consulting at Watson Wyatt, and Nick Watts, who held the role before him, today both issued surprise statements saying they will retire from the firm later this year.

Carter will be replaced by senior investment consultant Paul Trickett.

Carter took over in February last year from Watts, who went on a sabbatical for six months. Watts had recently returned to Watson Wyatt as an investment consultant in a client-facing role.

It is understood that Carter and Watts, both in their mid-50s, do not have other jobs to go to.

Their departures follow a raft of senior defections from the firm in the wake of its purchase last year by its US sister company, which triggered the payment of large sums to senior partners.

One former senior consultant at Watson said: "These are very big losses for them and I think it has come as a surprise because it doesn't look planned to me."

Babloo Ramamurthy, European region manager for Watson Wyatt, said: "Nick and Kevin have made a tremendous contribution to establishing Watson Wyatt as the pre-eminent investment consultancy in the UK and European market place...We wish them well in what I know will be a retirement of the very active kind for both of them."

Watts said: "I have put my heart into building the European business over many years, and while it was very hard work, the results are gratifying - but now it is time for me to retire from Watson Wyatt."

Trickett joined Watson Wyatt in January 1998, having spent some 20 years with British Coal, latterly as chief executive of the coal industry pension schemes.